Sales of previously owned homes fell for the ninth straight month in October, another indicator that inflation and higher mortgage rates are slowing the U.S. housing market dramatically.
The National Association of Realtors said Friday that sales of existing homes fell 5.9% in October from the previous month. Sales were down 28.4% year over year, the slowest pace of sales since 2011.
The quick slowdown in home sales comes as the Federal Reserve raises interest rates aggressively to curb inflation that hit a 41-year high last June.
Home mortgage rates on a 30-year fixed loan have more than doubled this year to more than 7%, although rates did fall this week.
Housing inventory remains low, resulting in home prices still rising in many regions. The median price of an existing home in October was $379,100, up at an annual rate of 6.6%.
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